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Tuesday, March 30, 2010

Options Trader Alert #2010 - 23
The NASDAQ Options Market to Offer Good-Til-Cancelled Orders Effective Monday, April 12, 2010

Markets Impacted:

  • The NASDAQ Options Market

Contact Information:

What you need to know:

  • The NASDAQ Options MarketSM will offer Good-Til-Cancelled (GTC) orders effective Monday, April 12, 2010.
  • GTC orders maintain price/time priority until cancelled.
  • Daily GTC reconciliation files will be available.

What is changing?

The NASDAQ Options Market (NOM) will offer GTC orders effective Monday, April 12, 2010.

How is an order designated as GTC?

To submit a GTC order, firms must designate the Time-in-Force (TIF) as GTC. Firms using FIX to Trade Options should enter “1” in Tag 59 (Time-In-Force) to designate GTC. Firms using NOMAD should enter “99960” in Offset 57 to designate GTC.

GTC orders are not available on the OUCH to Trade Options (OTTO) interface.

Will GTC orders maintain priority on the NOM book?

Yes. GTC orders maintain price/time priority on the NOM book continuously until they are cancelled.

Example: A buy of 10 calls at $1.00 with a TIF of GTC is received on April 12th. Another GTC buy of 10 calls at $1.00 is received on April 13th. The order received on April 12th will maintain priority over the order received on April 13th.

Will daily GTC reconciliation files be available?

Yes. NOM will provide daily reconciliation files listing all open GTC orders the exchange has on file for a given firm.

Will GTC orders be routable?

Yes. If an order with a TIF of GTC is entered using the SEEK routing strategy and is marketable upon entry (i.e. executable against the prevailing National Best Bid and Offer), the order will be routed to the exchange with the best price. After routing, the GTC order will be posted on the NOM book.

Have specifications been updated?

Yes. Updated FIX to Trade Options and NOMAD technical specifications are available on the NASDAQ OMX Trader® website.

Where can I find more information?

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